Markets are trimming bets on December and January rate hikes, predicting cuts beginning in June 2024.
Despite not ruling out a rate hike, Fed Chair Jerome Powell’s stance was seen as less hawkish by the markets.
MSCI’s broadest index of Asia-Pacific shares outside Japan surged 1.7% to the highest level in one week. Tokyo’s Nikkei gained 1.4% to cross the 32,000 level for the first time in two weeks.Stock futures in Europe and US also gained. EUROSTOXX 50 futures rose 0.8% early in Asia, while S&P 500 futures added 0.3% and Nasdaq futures increased 0.5%.
“While growth was incredibly strong in the third quarter of 2024 at 5%, we suspect a substantial slowing in 4Q24, which, based on Powell’s remarks today, likely won’t be enough to garner additional tightening,” Tiffany Wilding, an economist at PIMCO, wrote in a note to clients. The dollar was again on the back foot on Thursday, falling 0.1% against its peers. The prospect that the Fed is done tightening buoyed risk sensitive currencies the most, with Australian dollar bouncing 0.6% to a three-week high of US$0.6428.
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